In recent years, end of year tax planning for businesses has been further complicated by uncertainty over the future availability of many tax incentives. The 2013 year-end is no different. In the early hours of January 1, 2013, the Senate passed the American Taxpayer Relief Act of 2012, which permanently extended the so-called Bush-era tax cuts. However, other popular provisions were only extended through 2013. Therefore, 2013 tax strategies include concerns over expiring provisions. But 2013 is also unique due to changes that are affecting businesses. (more…)

In recent years, end-of-the-year tax planning for businesses has been complicated by uncertainty over the future availability of many tax incentives. This year is no different. In 2010, Congress extended many business tax incentives for one or two years. Now, those incentives have expired or are scheduled to expire. Whether they will be extended beyond 2012 is unclear as Congress debates the fate the Bush-era tax cuts and across-the-board spending cuts scheduled to take effect in 2013. In the meantime, you need to be aware of the expiring provisions and explore developing a multiyear tax strategy that takes into account various scenarios for the future of these incentives. (more…)

Do you have children? Are they on your payroll? If they’re not, and if the situation is right, you may want to hurry and get your children on the payroll. Do you give money to your parents or other relatives? If so, keep reading. (more…)

Do you need a new or replacement vehicle? To achieve any purchase benefit from a vehicle this year, you need (before midnight on December 31) to both own the vehicle, and have placed the vehicle in service for your business.

Ready to take the plunge? Here are how tax matters are handled for the various vehicles you may be looking at. (more…)

Strictly speaking, personal retirement and medical expenses are not a business expense. But with a little planning and some specific requirements, your company can be deducting these expenses on your behalf. (more…)

Here are a few year-end tax-planning strategies. These are meant to suggest potential area’s to save, but many have specific requirements. Be sure to implement the strategies with professional advice from a tax expert – this is not a do-it-yourself project. (more…)

The thinking behind the infamous scarlet letter is alive and well in California government.

Last month Gov. Brown signed into law Senate Bill 459, concerning the misclassification of workers. In addition to the large fines for willful misclasification (up to $25,000 per violation), employers must post a notice on their website and “displayed prominently” in an area that is “accessible to all employees and the general public at each location where a violation. . .occurred.”

As many of you have already wrapped-up your tax returns and finding someplace to keep all of the supporting documentation, one of the questions we often here is “How long should I keep this?”. Here’s what you need to keep and what you can throw out without fearing the wrath of the IRS.

I guess the off-the-cuff response to the question is “As long as it is relevant.”, but that doesn’t exactly help. So let’s look at specifics: (more…)

In a court case involving an individual, the judge allowed $780 as a business deduction for auto use. The individual claimed $6,033 on his tax return, but he was missing that critical mileage log to prove his business use. They could have preserved the additional $5,253 in deductions by following a few simple rules. (more…)

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Darrel Whitehead CPAs has been pivotal to MDA’s success and growth. Along with strategic financial planning Darrel Whitehead CPAs has provided us with continuity and a level of personal service that has far exceeded my expectations. Despite the competitive hustle of running and expanding a business I know that I can always trust, and rely on, Darrel Whitehead CPAs for the insight we need to be successful in achieving our goals.

Derek A

I have been a client of Darrel Whitehead for over ten years. Personalized service is the reason I work with Darrel year after year. He is easily accessible, very responsive and has a good grasp of the tax laws. Darrel is extremely diligent and makes every effort to minimize my tax burden to the greatest extent possible within the tax code. As a high income earner with very little opportunity for reducing my tax burden, this is extremely important to me. I highly recommend him.

Rick S

Darrel Whitehead assisted me with a challenging multi-year tax problem that ended up with best case results. He prepared and followed up until all years posted and my issues were resolved. Through this process I came to admire Darrel’s experience in dealing with complex and delicate tax matters. His firm and staff are knowledgeable and very friendly and would recommend them highly!

Norm N

Darrel assisted me with a challenging tax problem that ended up with best case results. Several of his peers at other firms thought my situation was a no win scenario. Through this process I came to admire Darrel’s experience in dealing with complex and delicate tax matters. His strong business acumen only adds to his effectiveness in the capacity of being CEO and senior tax professional at his firm.

Jed R

I have been a client of Darrel for a number of years (at least 4). Darrel and his office know the tax code very well. Particularly, they helped me when I had some Real Estate investments in an LLC (prior to our recent economic downturn), that I would have never figured out with Turbo Tax… They have excellent customer sevice and superior knowledge of the State and Federal maze of Tax codes. Highly recommeded.

David P

Darrel has a terrific vertically integrated firm! With Scott, I cant believe the level of detail and customer service they provide. I would recommend their accounting firm to anyone!!

Jim D

I have personally referred several of my clients to Darrel Whitehead CPA’s. Darrel’s staff has made me look like a Super Hero! It’s a rare CPA Firm today that takes the time to really get to know their clients needs and goals. Darrel Whitehead CPA’s is a firm I would recommend.

Jerry M

Since 1995, I have been a client of Darrel Whitehead, CPA’s. Their staff is very capable and courteous. I have been given great advice on accounting and taxes for sure. I have saved money on my taxes, been incorporated, and given advice on computer and legal issues. My two adult sons are also Darrel Whitehead clients. My mother-in-law was a Darrel Whitehead client. Before she passed away, all the correct plans were made in relation to her estate. So far, I have not been audited. This i…

Mark Y., D.D.S.

Having worked with Darrel Whitehead CPAs for over 15 years now, both in terms of our corporate and personal taxes, I can attest to their professionalism and knowledge of all things accounting. Scott and Darrel are a pleasure to work with, and are always available for any questions we have in terms of tax or estate planning. Darrel Whitehead CPAs are the best!

Margaret G

Darrel and his staff are wonderful. I have used them both personally and professionally for as long as I can remember. They go above and beyond to keep their customers happy. They are very knowledgeable and are always available to answer questions. When money was tight they even put my office manager through their book keeping course in order to reduce the time they spend working on my takes which resulted in my tax bill being cut in half. They are the only accountant’s office I have seen put in…

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The number of changes made to the Tax Code and the opportunities these changes bring may seem overwhelming. However, early planning will help you to maximize your potential tax savings and minimize your tax liability.

CIRCULAR 230 DISCLOSURE

Pursuant to Regulations Governing Practice Before the Internal Revenue Service, any tax advice contained herein is not intended or written to be used and cannot be used by a taxpayer for the purpose of avoiding tax penalties that may be imposed on the taxpayer.